The first action on moving Izatys from mothballs back to operation occurred earlier this week when Commerce Bank recieved its first offer on Izatys Resort. Commerce Bank Vice President Gerald Anderson told Barry Hines that the first offer has come from Leisure Hotels, a privately held company that owns and operates more than 20-indoor water park based properties in the US.
Leisure's website is hotels.leisurehotel.com and that company built a five-star hotel in Walker, Minnesota on Leech Lake which opened last spring. Hines, who has worked for Commerce Bank to show Izatys and check on the various buildings at the property since early last fall, said at least two other companies were also expected to enter the bidding soon.
Commerce Bank would not reveal the offer price, citing confidentiality during the bidding process. Leisure Hotels own properties in Louisiana, Kansas, New Mexico, Colorado, Iowa, Minnesota, Oklahoma and Missouri.
Izatys closed its doors publicly in October of 2007 and later filed Chapter 11 bankruptcy. After a brief stint trying to operate in the summer of 2008 with a make-shift clubhouse based in the basement of the Links Lodge and Blackbrook Golf Course open, the bankruptcy court pushed Izatys Resort LLC group into Chapter 7 liquidation.
Commerce Bank became the owner of Izatys outright after former owners failed to redeem on the property, gaining title on December 28th, 2008.
Wednesday, January 14, 2009
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8 comments:
Thanks for the scoop. It's nice to finally hear of some positive news about Izatys' fate and that there are some qualified operators interested in it.
I had grown discouraged that the property would move very quickly in this troubled economy but perhaps I was wrong. I am sure the bank is motivated. If a good buyer gets a reasonable price, they could even be more comfortable about putting added capital into renovation and/or new building that is so desperately needed at Izatys.
Let's all keep our fingers crossed!
Thanks for the update. Hmmm...the Messenger must be avoiding the topic of Izaty's!
Leisure Resorts promotes The Chase in Walker as a "historic resort".
Hopefully the group who gets Izaty's will promote it much the same and get it back to a premiere and family place.
In the 40's and 50's (Bettendorf & Dubbs era) they fed 300-500 people there on weekends...tourists and locals! The owners cared about their employees as people...even picked some up for work when needed.
How many locals, out of 100, do you think have ever eaten a meal there? Maybe 5?
I expect great things from ANY new owner, but they need to work with the locals for the betterment of the Company, Community and Individual.
-I Love Izaty's
Commerce Bank did turn offer down on Friday to Leisure Hotels. The 2parties are working together. There are up to 6 other groups out there interested. I have NO idea what the number is that they need? What the time frame to move the property?
Maybe a good thing Leisure Motels got turned down by the bank, word from Adam at Reed's Sports is that the 'Chase on the Lake' in Walker is struggling big time.No condo sales and no customers thus no cash.
Izaty's don't need another round of under capitilized wheeler-dealers!
rumor has it that they are waaayyy behind on their bank payments there. Good project - bad timing/location and not right for up in walker.
best group out there is still anonymous but will hopefully get something hammered out with the bank soon. MN based, strong developer and great golf connections. if they get their hands on it - good things will happen and god knows we need it! from what i here, they will have a good blend of a dubbs-like welcoming resort along with the big resort amenities.
izatys might not be open in 09 but i think everyone would be paitent if the long term vision was good
ha ha rumors rumors rumors and fact to support any of this?
Someone needs to be in there in the next 2 weeks to get the place open for 09.
won't open for 2009, lets face it.....best we can hope for is a good group opening in 2009
any new updates??
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